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| Author: | Spremann, K. Winhart, S. |
| Title: | Humankapital im Portefeuille privater Investoren |
| Journal: | Zeitschrift für Betriebswirtschaft
1997 : ERGÄNZUNGSHEFT 3/97, p. 145-167 |
| Index terms: | INVESTMENT PLANNING HUMAN CAPITAL PENSIONS RISK ANALYSIS MODELS |
| Language: | ger |
| Abstract: | Young investors with a small amount of financial wealth are normally advised to avoid risks in their investment activi- ty. Such advice neglects that the largest part of young people's total wealth consists of human capital which is here seen as capitalised expected future wage income. Basic request of this article is to point out that an in- vestment decision has to take into account the total wealth of an investor. We develop a portfolio selection model that considers not only financial wealth but although wealth in form of human capital and pension capital. Because of the time pattern of value and the risk characteristics of human capital and pension capital, young investors should general- ly exhibit an extremely risky investment behaviour. During the life-cycle the optimal size of the share invested in risky assests decreases. |
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